Ernst and Young, an international auditing firm, has won the tender to investigate the alleged financial scam facing the Central Bank of Tanzania (BoT).
A statement issued yesterday in Dar es Salaam by the Controller and Auditor General (CAG), Ludovick Utouh, indicated that the auditing would be done for a period of 60 days from yesterday.
Utouh said that the process to identify a qualified audit firm with an international reputation was conducted by the National Board of Auditors and Accountants (NBAA).
`Auditing firms submitted seven names with international repute based in the country to CAG. The Controller and Auditor General continued with the procurement process in accordance with Public Procurement Act No. 21 of 2004,` he said in the statement.
He said that request for proposals were sought from the seven firms, but only two firms submitted their technical and financial proposals.
`The special audit would also assess the related internal controls inherent in the systems on whether such payments are valid.
It would further assess on whether the transactions in question were in accordance with agreed arrangements and the documents supporting the alleged transactions are bona fide,` Utouh said in the statement.
The tender to audit BoT was floated by the government after it was informed of an impropriety at the Central Bank regarding payments to the third parties by BoT.
Following the allegations the Minister for Finance Zakia Meghji instructed CAG to appoint an independent qualified auditor of international repute to review the Central Bank`s transactions that have given rise to the alleged impropriety.
BoT Governor Daudi Ballali recently came under attack by Members of Parliament and the public for allegedly mismanaging public funds in the bank.
Ballali was asked to resign for allegedly making dubious payments to the tune of USD200m from the bank?s commercial external debt account.
The governor however, had denied any involvement in the dubious payments saying the allegations were based on rumours.
SOURCE: Guardian
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